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IndianOil Axis Bank Credit Card

IndianOil Axis Bank Credit Card

✍️ Fact-checked by Parash Editorial • 🔄 Updated April 2026
Axis Bank Visa Entry

Join / Annual

₹0/₹500

Base Rate

1.0%

Reward Type

Points

Overview

The IndianOil Axis Bank Credit Card is a Entry credit card issued by Axis Bank on the Visa network. It offers a base reward rate of 1.0% on all spends, with rewards issued as Points(1 pt = ₹0.2).

Annual Fee: ₹500
Eligibility: Salaried or Self-employed with a good credit score.

Reward Rates & Cashback Rules

  • MERCHANT – IndianOil (IOCL): 20.0% cashback | monthly cap ₹200.0 ⚠️ Valid on transactions between ₹400 and ₹4,000. Spends beyond the monthly cap earn no points.
  • ALL_ONLINE: 5.0% cashback ⚠️ Valid on transactions between ₹100 and ₹5,000.
  • CATEGORY – Utilities: 0.0% cashback
  • CATEGORY – Telecom: 0.0% cashback
  • CATEGORY – Rent: 0.0% cashback
  • CATEGORY – Wallet: 0.0% cashback
  • CATEGORY – Insurance: 0.0% cashback
  • CATEGORY – Government Services: 0.0% cashback
  • CATEGORY – EMI: 0.0% cashback ⚠️ Reward points are not earned on transactions converted to EMI.

Key Features & Benefits

  • Welcome Benefit 🎁: 100% cashback as EDGE Reward Points on your first fuel transaction within 30 days, capped at 1,250 points (worth ₹250).
  • Fuel Surcharge Waiver ⛽: 1% fuel surcharge waiver on transactions between ₹400 and ₹4,000 at IndianOil outlets, capped at ₹50 per statement cycle.
  • Movie Discount 🎬: 10% discount on movie tickets booked via BookMyShow.
  • Dining Discount 🍽️: 15% discount up to ₹500 on a minimum transaction of ₹2,500 via EazyDiner.

Eligibility Criteria

Salaried or Self-employed with a good credit score.

Features & Benefits

🎁

Welcome Benefit

100% cashback as EDGE Reward Points on your first fuel transaction within 30 days, capped at 1,250 points (worth ₹250).

⛽

Fuel Surcharge Waiver

1% fuel surcharge waiver on transactions between ₹400 and ₹4,000 at IndianOil outlets, capped at ₹50 per statement cycle.

🎬

Movie Discount

10% discount on movie tickets booked via BookMyShow.

🍽️

Dining Discount

15% discount up to ₹500 on a minimum transaction of ₹2,500 via EazyDiner.

Cashback Engine Rules

The exact calculator logic parameters extracted from the terms & conditions.

IndianOil (IOCL)
Reward: 20.0% Monthly Cap: ₹200.0 Min Spend: ₹400.0
⚠️ Exceptions: Valid on transactions between ₹400 and ₹4,000. Spends beyond the monthly cap earn no points.
20%
All Online Spends
Reward: 5.0% Min Spend: ₹100.0
⚠️ Exceptions: Valid on transactions between ₹100 and ₹5,000.
5%
Utilities Exclusion
Telecom Exclusion
Rent Exclusion
Wallet Exclusion
Insurance Exclusion
Government Services Exclusion
EMI Exclusion
⚠️ Exceptions: Reward points are not earned on transactions converted to EMI.

Value Chart

Assuming basic spends for IndianOil Axis Bank Credit Card

Category IndianOil Axis Bank Credit Card Axis Bank Airtel Credit Card Flipkart Axis Bank Credit Card Axis Bank ACE Credit Card
₹
Joining Fee 		₹0 ₹0 ₹0 ₹0
₹
Annual Fee 		₹500 ₹500 ₹500 ₹499
🌍
Forex Markup 		3.5% 3.5% 3.5% 3.5%
%
Base Rate 		1.0% 1.0% 1.0% 1.5%
★
Known Rules 		9 rules 13 rules 15 rules 12 rules

Pros & Cons

✓

Pros

  • + IndianOil (IOCL) — 20.0% Points (cap ₹200.0)
  • + All Spends — 5.0% Points
  • + Welcome Benefit
  • + Fuel Surcharge Waiver
  • + Movie Discount
  • + Dining Discount
✗

Cons

  • − No reward on Utilities
  • − No reward on Telecom
  • − No reward on Rent
  • − No reward on Wallet
  • −Forex markup of 3.5% on international spends
  • −Relatively low base reward rate of 1.0%

Our Verdict

₹ Real Value Calculation (assumed ₹3L/year spend)

Est. Annual Rewards

₹3000

Annual Fee

₹500

Net Value

+₹2500

✅ At ₹3L/year spend, base rewards alone cover the fee. Additional benefits like lounge access add further value.

👍 Best For

  • › First-time credit card users looking to build credit
  • › Low-to-medium spenders wanting simple cashback

👎 Not Worth It If…

  • › You spend heavily in foreign currency — 3.5% markup adds up fast
  • › You rarely use premium benefits like lounges or concierge
  • › You prefer a no-annual-fee card with simpler terms

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Frequently Asked

The card has a joining and annual fee of ₹500 + GST. The annual fee can be waived by spending ₹3.5 lakh or more in a card anniversary year.

You get 4% value back, equivalent to 20 EDGE Reward Points per ₹100, on fuel spends at IndianOil outlets. This is capped at 1,000 points per month on transactions between ₹400 and ₹4,000.

1 EDGE Reward Point is worth ₹0.20 when redeemed.

No, the IndianOil Axis Bank Credit Card does not offer complimentary airport lounge access as a standard feature.

Yes, spends on utilities, telecom, rent, wallet loads, insurance, government services, and EMI transactions do not earn any reward points.

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